Market People Magazine Issue 2 Spring 2018

issue 2 - SPRING 2018market£3.00 Brexit, and the London Insurance Market – An opportunity or a challenge? Blockchain insurance sector collaboration at its bestMergers &acquisitionsin the hands of newownership Finding a Job London to New York Hidden Gems in the City in The City in an hour? the magazine for insurance professiona1ls

Financial managementsolutions for insurance Contact us: Insurers are under constant pressure to reduce risk, balance policy premiums with 0203 893 8132 pay-outs and comply with demanding regulations such as Solvency II and IFRS. [email protected] With CCH Tagetik for Insurance, insurers are modernising key financial management processes, modelling policies to optimise pricing or adjust premiums, and complying www.tagetik.com/uk with stringent regulatory requirements.2 Insurance executives can see the profitability of each product, analyse which policies are under performing, and quickly understand the impact of business decisions on the P&L, cash position and financial performance. As IFRS 17 hurdles down the compliance pipeline, it’s set to disrupt how insurers manage operational costs, KPIs, and forecasting. The result? A potentially very disruptive (and expensive) overhaul of financial management processes, applications and operating models. Thankfully, CCH Tagetik has automated addressing the new and expanding compliance requirements, Solvency II for example. And with our IFRS 17 you can focus on your business with confidence that you’re in compliance with regulatory standards. CCH Tagetik provides a suite of regulatory solutions for Solvency II, IFRS 9, Revenue Accounting (IFRS 15), Lease Accounting (IFRS 16) available on cloud or on premise to ensure you remain compliant.

editorial team Roger Oldham BA(Hons), FCII, MCIArb, FInstLM Chartered Insurance Practitioner Editor In-Chief Roger is a long-standing insurance professional, having spent over 30 years working in the London and international insurance markets. During his time on the front line of the London Market he held senior positions at Aon, HSBC and Marsh and in latter years spent a lot of time working in the centre of the Market on the various Market modernisation projects, such as ECF, A&S and Contract Certainty. Roger is a Fellow of the Chartered Insurance Institute and of the Institute of Leadership and Management, as well as a Freeman of the Worshipful Company of Insurers. During his time working in the Market, he also studied at the Chartered Institute of Arbitrators in Bloomsbury Square, London, where he qualified as mediator, specialising in insurance dispute resolution. Roger is best known for founding the highly popular London Market Forums, the networking and thought leadership group, as well as acting as an advisor and subject matter expert to insurance carriers, brokers and suppliers to the insurance sector.FROM THEEDITORWe are delighted to bring you the second edition of we include the latest thinking on some of the key issuesMarket People Magazine, the publication created affecting us in the Market. In this edition, we cover thespecifically for the thousands of professionals working in highly topical matter of Brexit, the M&A landscape andthe London Insurance Market and those who support the very interesting area of Blockchain.it from around the globe. Market People Magazine isalso the official publication of LMForums, the networking We’re also delighted to include articles written byand thought-leadership group for the London Insurance insurance professionals from the Market, such as PaulMarket. Willoughby from Beazley, Erik Johnson from the Inclusion@ Lloyd’s group, Ken Marke of B3i and even our own OscarThe first edition was published in the Summer of 2017 and Padilla, from LMForums.proved to be very popular. The magazine is availablein printed and online digital formats. Printed copies can We welcome Market professionals to contribute articles,be picked up from the reception areas of various offices so do get in touch if you would like to write for futureand hotels in EC2 and 3. editions. This is a publication written by Market people for Market people; we invite you to get involved!We invite a range of highly experienced internationaljournalists to write for Market People Magazine, ensuringJoanna Spicer Brown Jamie Carter Oscar Padilla Pawel Konopski Business Services Digital MarketingSub-Editor Travel & Technology Editor Manager Manager market © LMForums Limited. All rights reserved. No part of this magazine may be reproduced without the written permission of the publisher. All information contained in this magazine is, as far as we are aware, correct at the time of going to press. LMForums Limited cannot accept responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant LMForums a licence to publish your submission in whole or in part in all editions of the magazine. All material is sent at your own risk and although every care is taken, neither LMForums or its employees, agents or subcontractors shall be held liable resulting for loss or damage. LMForums endeavours to respect the intellectual property of the owners of copyrighted material reproduced herein. If you identify yourself as the copyright holder of material we have wrongly attributed, please contact us.Roger Oldham - EditorTo receive your complimentary subscription of Market People Magazine straight to your desk, email us at [email protected] 3

Contents PUBLISHED BY MARKET NEWS PEOPLE London Market Forums Ltd Level 30, 08. Brexit and the London 32. Diversity & Inclusion in EC3 Insurance Market Does your data measure up? The Leadenhall Building, – An opportunity or a 122 Leadenhall Street, challenge? 34. Finding a Job in The City London EC3V 4AB T: +44 (0)20 3551 9188 12. M&A - in the hands 37. Market People charity gala e: [email protected] of new ownership WWW.LMFORUMS.COM 38. Training the talent of SUBSCRIPTIONS 14. IS THE LIMIT ON YOUR tomorrow by Charlotte Myers A free subscription service is REINSURANCE REALLY A LIMIT? 40. The difference between a available for “good” and a “great” team The Market People Magazine. TECHNOLOGY 43. MPM Meets Dominic christian Email us at - Global Chairman of Aon [email protected] 20. Why Blockchain could help the London 46. Gallery from 2nd Market to be added to the list Market stay on top people awards ISSUe 2 22. Sweet tooth for LIFESTYLE Spring 2018 innovation ISsN: 2397-3781 50. Your Health In Your Hands 25. Blockchain Printed by – insurance sector 53. CARTAGENA DE INDIAS, CITY OF warners collaboration at its MAGIC midlands plc best 54. Supersonic skies Printed by 28. Time is running out Warners – Are you prepared? 58. Who’s at the wheel 01778 395111 61. Hidden Gems in the City of London 63. get me to the slopesContributors Erik Johnson Thomas Keely Chris Wheal Paul Willoughby Ranvir Saggu Ken Marke Inclusion@Lloyd’s Partner at Freeborn Business Journalist, Editor Head of IT Strategy, Insurance Professional Chief Marketing Officer and Trainer Innovation andCommittee Member & Peters LLP & CEO Blocksure B3i Architecture, BeazleyTimothy LaTulippe Charlotte Myers Luke Edwards Mike Paterson Ann Lewis Caroline SheridanSr. Consultant & Data Director, LMA Academy & Journalist Director of London Managing Director Managing DirectorForensic Expert Witness Market Talent Historians XenoVida Ltd Sheridan ResolutionsAdvanced Discovery Development Lloyd’s Market Association4

STEP BACK IN TIME AND INTO THIS ELEGANT ART-DECO HALL, AT THE HEART OF THE CITY. GRACE HALL HOSTS UP TO 200 GUESTS THEATRE-STYLE, 170 SEATED AND UP TO 600 STANDING ACROSS ITS FOUR UNIQUE EVENT SPACES. WWW.GRACEHALLLONDON.COM [email protected] | +44 (0) 203 909 7980 147 LEADENHALL ST LONDON EC3V 4QT

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and the London Insurance Market – An opportunity or a challenge? There is almost certainly one common item on the agenda of almost all management meetings in our Market – Brexit and it’s impact on our finances, clients and human capital. Market People Magazine asked journalist, Chris Wheal to delve “What would really be deep and lift the lid on the current thinking of some of our key more positive, perhaps, is people in the London Market. to have some really good trade deals with countries Listen to arch-Brexiteer and Conservative MP for North East where we can’t access the Somerset Jacob Rees-Mogg, and both Solvency II and MFiD were business very well at the weapons used by the EU to destroy London’s competitive edge. moment” Brexit’s links to the insurance industry were defined by the Leave campaign’s major backer, Aaron Banks, the man behind Brightside Group and Southern Rock Insurance. Mr Banks is said to have started his insurance career at Lloyd’s of London. And the carrot offered by Brexit – of free trade deals with the rest of the world – is a bigger fillip for the London market than it is to most of British industry. The one caveat on that is that future free trade deals include financial services – many don’t.8

MARKET NEWSDave Matcham, Chief Executive related complications such as the “A “no-deal” brexitof the International Underwriting Irish border, the UK government could make it a breachAssociation (IUA), points out that and regulators started to make of regulations to pay anthe rest of the world is already a announcements, that being said, insurance claim, if you’rebigger market than the EU and has these issues are “agreed” one day not licensed to do so, inpotentially bigger growth: “The EU and not the next. The progress over Spain, Poland and theis, what, 10%, 12% of what we write? recent months gave the industryThe US is 40%. What would really be hopes that, despite the political Netherlands”more positive, perhaps, is to have rhetoric, there may be a diplomaticsome really good trade deals with way forward. “We also welcome thecountries where we can’t access the announcement from HM Treasurybusiness very well at the moment,” The IUA commented: “The IUA in December 2017 that thehe says. welcomes the approach taken government will act to mitigate by the Bank of England and the risks to the continuity of EuropeanBut it would be misleading to suggest Prudential Regulation Authority (PRA) firms’ outstanding contracts in thethe entire insurance industry or even in the consultation it published on UK and provide the powers to allowthe Lloyd’s and London market is 20 December 2017 regarding the UK regulators to create a temporarycomfortable with Brexit. There are future authorisation of UK branches permissions regime for their firms iftoo many uncertainties. And an of EU-based insurers. It suggests there necessary.industry that calculates risk does not will continue to be a high degree oflike the unknowable. supervisory cooperation between “This approach by UK regulators the UK and EU and that, provided offers a strong incentive forThere was a bit of a Christmas they are not conducting material EU regulatory authorities topresent last December when, retail business in the UK, they mayfollowing an agreed form of words apply for authorisation as a branch.about the EU divorce bill and 9

reciprocate such treatment, and Dave Matcham, Chief Executive “The London market is offer corresponding assurances of the London and International currently still paying claims to UK firms within the framework Insurance Brokers’ Association (LIIBA), of a comprehensive free trade the big headache is securing new from policies taken out agreement.” business. After all, LIIBA Members in the 1980s. A two-year place $67bn of premiums in the transition period will not That was aspirin for the industry’s London market. two headaches. Brexit worries focus suffice” on two areas – and which is the “The central issue is that our migraine and which is the dull ache members need to be able to bring And individual groups have been depends on your perspective. European business to London post- working on their own perspectives. Brexit, regardless of the outcome “Through the European Federation For Kees van der Klugt, the London of negotiations, if possible. Our of Insurance Intermediaries, Market Association’s (LMA’s) director European business is either business BIPAR, I’ve had conversations with of Legal and Compliance, the from EU clients or it’s global my counterparts in what will be major headache is what happens to programme business that has an the remaining 27 EU countries,” existing contracts. “The big problem element of EU coverage,” Croft says. says Croft. “What you might find is contract continuity of existing There has been a united front on remarkable is that Brexit isn’t top of contracts. So, that’s contracts that Brexit. “The London Market Group the agenda in most of the other 27 might already have been written, (LMG) Task Force is a group made countries. We may all be obsessed or contracts that are about to be up of us, IUA, LMA, and Lloyd’s, who with it, but they’re not.” written – there, there are serious meet regularly with the Department concerns”. “Other people may know for Exiting the EU and the Treasury, to With the divorce bill argument to it by different names. Some refer put forward the case for the London one side, some real discussion can to it as the grandfathering matter. market and what we need from now begin. “What we are hoping to Some people refer to it as the run-off the Brexit negotiations.,” explains do is to now try and make the case problem. I just like to think of it as Croft. “Our ideal would be a free for mutual market access to people contract continuity. We’re talking trade agreement that provided in the EU 27 and three EEA states, about the orderly continuation of something akin to the access to the and that’s a question of timing. existing contracts and in particular European markets that currently our BIPAR wrote to all of its member the payment of claims after Brexit,” members get through passporting associations with a template letter Kees says. arrangements.” that they asked them to send to their governments, making the case for “What you might find remarkable is that Brexit enabling free trade in insurance,” isn’t top of the agenda in most of the other 27 explains Croft. FERMA, the European countries. We may all be obsessed with it, but risk managers and insurers buyers group, is also lobbying. they’re not.” An agreement covering the London market is mutually beneficial to all in Europe as well as London itself. Research suggests that current national laws in different countries mean a no-deal Brexit could make it a breach of regulations to pay an insurance claim, if you’re not licensed to do so, in Spain, Poland and the Netherlands. There is also differing legal opinions whether the London market could pay claims in Ireland and the national regulator could present obstacles in France, Italy and Germany. It gets more complex still when you consider some of the likely claims. The European regulators’ regulator, the European Insurance10

MARKET NEWSand Occupational Pensions “Whatever the final impact, impact on staff numbers I think willAuthority (EIOPA), had a conundrum fewer people will be hit be relatively modest.”examining the regulatory treatment than in banking”if Spanish national footballer Alvaro But for EU staff in London, worriesMorata were to break his leg playing There is no fixed method chosen by persist. Matcham says: “We havefor Chelsea in a Champions League the rest of the market. Some insurers a very international and diversegame in Paris. That would be a are using what are called Part VII membership, and some of ourSpanish citizen, resident in London transfers to move whole books of members employ 20% to 30%with the risk temporarily located business to different, or new, legal foreign staff. I think those staff havein France. Brexit truly is a political entities in EU states. But not all, asked questions of their employer –football. according to the IUA’s Matcham. what’s their position? The employer “Some companies have chosen probably can’t answer that.”“At the heart of insurance regulation not to do a Part VII and they are The industry needs clarity urgently.across Europe is policyholder perhaps relying on this regulatory Otherwise it will be too late. Asprotection, and it’s the politicians cooperation to exist, which will Matcham says: “You might haveacross the entire Continent of Europe therefore recognise policies in a sort to start a Part VII in February andwho set up regulatory bodies for of grandfathered manner. There are once you start it, you can’t stop it - itthat purpose. It would be funny various models being pursued there, becomes irreversible.”– extraordinary – if the politicians but it would be hard to imagine athemselves were to drive a coach regulator preventing a valid claim So the views of London Marketand horses through that concept,” being paid, really, wouldn’t it?” leaders on Brexit’s impact onsays van der Klugt, hopefully. The the streets of EC3 and our widerLondon market is currently still paying LIIBA’s Croft says brokers are making trading zone remain diverse and aclaims from policies taken out in the differing decisions too and for some cause for some anxiety – probably1980s. A two-year transition period firms that are purely a wholesale no surprise given the uncertaintywill not suffice. business there is a growing body of of future negotiations in Brussels. opinion that they may not need a The remainder of 2018 is sure toIn the meantime, there is a scrabble European office at all. There remains reveal much more, along with thefor workable solutions based on the a lack of clarity over how active an consequential challenges for firms inbest-guess likely outcome of Brexit EU-based branch would need to the London Market. Market Peoplenegotiations. It is clear that brass- be to avoid being considered just a Magazine will be monitoring theplate offices for London firms in EU brass-plate operation. “We believe situation closely and aim to keepcountries or for EU firms in London are it is possible that if your individual you as informed as we can duringnot going to pass any regulatory test. brokers were employed both by the these interesting times.But quite how much work and how UK firm and by your EU subsidiary,many people will need to be verified then, so long as it was clear that Chris Whealfor a branch office to pass muster is when they were talking to clients Journalistnot yet clear. they were talking on behalf of the subsidiary, they could deal withSome international firms – particularly clients in the EU. But there’s going tothose with consumer divisions – have to be some substance to youralready have offices in Europe and subsidiary,” says Croft.can re-categorise them or establishappropriate commercial branch Whatever the final impact, fewerstructures there. Other players with people will be hit than in banking,no EU operations are considering according to Matcham. “Jobwise,setting up completely new offices. it’s very hard to tell but I don’t think it’s the Armageddon-type numbersLloyd’s has chosen Brussels as the some of the banks have portrayed,location in which it will establish a because we don’t have thosebranch inside the EU. Lloyd’s has set numbers anyway. We only haveup branches before to enable trade 35,000 people in London accordingwithin other jurisdictions – China’s to London Market Group (LMG) stats.Beijing branch opened in 2015 You’ve got another 17,000 in theand most recently Lloyd’s opened regions, in Ipswich and Chelmsforda reinsurance branch in Mumbai, etc, but broadly speaking, theIndia, in 2017. 1111

Mergers and acquisitions in the hands of new ownership The mega-mergers in the Lloyd’s and London market may have stalled but there’s plenty of merger and acquisition (M&A) cash poised for an opportunity to invest in the talent London offers. The M&A deals won’t be as big but talent remain attractive. Aaran Fronda covers Ian Sparshott, Deloitte’s Jon Hancock, performance European financial services insurance M&A lead, has worked management director at at Mergermarket. He says on all the major recent mergers. Lloyd’s, says: “We have seen competition regulators are the He says the main danger of M&A some large overseas insurance main stumbling block to mega- is alienating the talent that is so groups buying or investing in mergers. “In the US, competition Lloyd’s insurers with the intention authorities have blocked attractive in takeover targets. of expanding their income via consolidation attempts between Lloyd’s. Other types of deal are Aetna and Humana, as well as “Over the years, you presented as a way of quickly Cigna and Anthem. Competition won’t have many scaling up or operating more authorities are an obstacle to efficiently, which many see mega-mergers in Europe too. examples of intra-London as an advantage, particularly This has forced many to look market mergers, where in today’s highly competitive for smaller targets or inorganic you have two large market.” growth opportunities further existing players in the afield, with European insurers Lloyd’s or London market The idea that regulation exploring options in Central coming together to requirements or Solvency II Eastern Europe (CEE) and Latin achieve cost synergies,” will prompt one company America,” he says. to purchase another is given he says. little weight. That would have stopped new entrants “You might be able to strip out and there’s no sign of that duplication of head-office and happening. back-office costs and achieve some cost synergies, but, if it’s The two latest new entrants not carefully managed, you can are Pioneer and Agora, then create a lot of disgruntled both licensed from January front-office talent, and they 2018. Pioneer Syndicate 1980 have legs. It’s that front- launched with gross premium office talent that controls the income of £278m underwriting broking relationships, the client property, casualty, marine and relationships and is at the heart energy. Agora Syndicate 3268 of the goodwill that you bought started with gross premium of with that business.”12

MARKET NEWS£98m to underwrite property to help take them to the next Sparshott agrees. “Thatbusiness with a focus on direct level.” could mean M&A to bringand facultative, binders and technological capability into thetreaty business. But insurers are also focused on business – that could be around investing in the insurance tech front-office, mid-office or back-The smallest syndicate in the world too, so expect to see office improvements,” he says.market writes roughly £50m GWP plenty of M&A activity there, Whatever sector, the key to aand some SPAs and SPVs (special alongside the venture capital- successful Lloyd’s or Londonpurpose arrangements/vehicles) style seed investment many have market M&A deal is to focus onare even smaller than that. The already started. retaining the talent – the reasonlargest writes more than £1.5bn Fronda says: for the M&A in the first place.GWP. Sparshott sums it up: “Where “Investment has been you have seen quite a lot ofIt’s not about size, however. allocated to fund a whole London market mergers is inSome of the smaller, more host of start-ups offering the broking space, and thosenimble, specialist syndicates at insurance brokers put a hugeLloyd’s are more profitable than various solutions, from amount of effort in advance oftheir bigger cousins. The key is claims and customer consummating a deal aroundto operate efficiently, to keep management platforms identifying the key talent andcosts under control and to have to the creation of on- putting in structures to ensuregood underwriting, and you demand products and that talent is secured as bestdon’t always need scale to do the adoption of smart as possible.” It’s the talent thethat. But it does make you an contracts supported by investors want.attractive target for acquisition. blockchain technology.”Hancock says: “Insurance Chris Whealinvestors continue to view Lloyd’s Journalistas an attractive platform forgrowth, with a powerful brand,global access and financialsecurity, all in one place. As longas new entrants continue to jointhe market we will continue tosee M&A activity.”Sparshott says he has been toAsia and there is a groundswellof demand for London marketbusiness for exactly the reasonsHancock outlines. “There is noshortage of Asian capital lookingfor places to deploy. The Londonmarket is still very attractive,for all of the traditional reasonsaround it having the leadingglobal talent pool,” he says.“The recent start-ups and newentrants are the ones thatbecome the future targets asthey grow. Their current ownersmay no longer be able tosupport further growth to reallyenable them to expand, andthat’s when you see that sort ofsecondary investment comingin, and change of ownership, 13

IS THE LIMIT ON YOURREINSURANCE REALLY A LIMIT?By Sean Thomas Keely, partner at Freeborn & Peters LLP Is the amount of reinsurance set out in a reinsurance contract actually the limit of the reinsurer’s liability? That question has been roiling New York courts for the last several years, and many in the market thought a highly-anticipated decision by the state’s highest court would settle the issue. But anticipation was disappointed, and the question remains to be answered. The answer will potentially mean hundreds of millions of dollars for the market.On 14 December 2017, the outside the limits of liability in the Century’s indemnity payments and New York Court of Appeals policy. Those expenses can often be that – because Century’s policies to issued its decision in a case many multiples of the loss amount Caterpillar required paying expensescalled Global Reinsurance Corp. that ultimately is paid to indemnify in addition to the policy limits –v. Century Indemnity Co. The case the insured. The Global case is a Global must also reimburse Centurystarted out in federal court, but was good example. Century insured for those expenses notwithstandingthen sent to New York’s highest court Caterpillar, and a court found that the certificate limits.to answer a certified question: under Century had breached its duty toNew York law is there a rule, or at defend Caterpillar so that it could The market could be forgiven forleast a strong presumption, that the not assert any coverage defenses thinking this issue had been resolvedlimit in a reinsurance contract caps to indemnity. Century ultimately long ago. In fact, it was. Thethe reinsurer’s total liability regardless reached an agreement with proposition that a limit stated in aof whether the reinsured policy Caterpillar under which it may end reinsurance contract is a cap on allcovers expenses outside its limit? The up paying $90 million. About 90% liability was initially decided backcourt answered no, there is no such of that amount relates to expenses in 1990 by a federal court in Newrule or presumption; reinsurance rather than indemnity. York in a case called Bellefontecontracts – like all contracts – must v. Aetna. In a 2004 case calledbe applied based on their specific Century had facultative reinsurance Excess v. Factory Mutual, the Newterms and conditions. That decision, for its Caterpillar policies with Global. York Court of Appeals – the statein itself unremarkable, leaves open Each of the certificates lists an court that articulates New Yorkthe question of how those terms and amount of “Reinsurance Accepted”. law – adopted the reasoning of theconditions apply. Global contends that amount stated Bellefonte decision and held that a in each certificate is the cap on its limit clause in a reinsurance contractThe driver behind the issue is defense liability. It agreed to pay Century’s is intended to cap a reinsurer’s totalcosts, which as the market knows reinsurance bills up to that amount, risk exposure, unless the contractcan be considerable for claims but rejected the millions of dollars expressly provides that expense costslitigated in the United States. Many more in expenses that Century billed. fall outside the limit.liability policies have been issued Century contends that the amountproviding coverage of defense costs in the certificates only applies to1144 market

MARKET NEWSSo why is it 1990 all over again? cannot be entirely satisfied with In the first case to apply Global, aBecause of the enormous sums the decision either. Century had New York state court rejected theinvolved, particularly for expenses in requested the court to declare that cedent’s argument that Global is alegacy books involving asbestos and facultative reinsurance requires change in the law and reaffirmedother mass torts, ceding companies a presumption of concurrency, the prior decision capping thehave launched a full-throttle assault i.e., if the underlying policy covers liability for the pool of reinsurerson these prior decisions applying expenses in addition to limit, the represented by Freeborn. Butreinsurance limits. In numerous cases reinsurer is presumptively liable the issue will also be decidedover the past five years, cedents for costs beyond the reinsurance soon by other courts in two morehave raised challenges hoping to limit. Century went on to ask the pending cases. Depending on thefind a vehicle to get this contract court to decide the case in its favor outcomes in those cases, the currentinterpretation overturned. (Full based on such a presumption of understanding of the limit could bedisclosure: Freeborn & Peters have concurrency. But the court declined further reaffirmed. Or the marketrepresented a pool of reinsurers those requests. It said only that there could start seeing much biggerin successfully defending the cap are not general rules or presumptions bills coming through courtesy ofon liability in their reinsurance peculiar to facultative reinsurance uncapped American expenses.certificates.) Many in the market contracts. Stay tuned.thought that the Global case wasthat vehicle. So what’s next? Is the limit on your By Sean Thomas Keely reinsurance really a limit? The partner at Freeborn & Peters LLPBut the Court of Appeals seems market has made decisions based– almost teasingly – to have on the rulings in Bellefonte anddisappointed both sides for the Excess and the cases since. Billionsmoment. It limited itself to a narrow of dollars in loss portfolio transfersdecision answering only the question have been priced and purchasedcertified to it. Some reinsurers might since those decisions applied theirbe disappointed that the court caps, and reserves have been setdid not embrace the opportunity based on them. Is there any basisto declare a blanket rule or for contracts with language similarpresumption that a stated limit in any to Bellefonte and Excess to bereinsurance contract caps all liability interpreted differently now? No,under the contract. But such rules or but ceding companies continue thepresumptions are exceedingly rare challenge.in the law. And ceding companies market 1155

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The London Market Forums Bringing Insurance Professionals Together www.lmforums.com LMforums is the networking and thought leadership community group, bringing insurance professionals together from across the London Market. Throughout the year, our Practitioner and Corporate Members have the opportunity to attend many events on a wide variety of subjects at LMForums, we provide a platform for everyone working in or supporting this unique Marketplace. APPLY for a place on one OF OUR SENIOR LEVEL CROSS MARKET PRACTICE or advisory GROUPSJOIN YOURMARKET CLUBTODAY - www.LMFORUMS.COM Become a practitioner member Benefits INCLUDE: • Free Annual Membership • Free Entry to most events • Opportunity to meet your peers from across the sector • Listen to some of the most informed & influential speakers on the circuit • Get full access to all slides & presentations from speakers at our events • Be kept informed of all future events • Invited to join our popular Linkedin & Twitter groups • Be able to use all parts of our interactive website • Get access to useful Thought Leadership material through our White Papers Portal • Periodic newsletter • our exciting social events • COMING SOON: LMJOBS & AMAZING MEMBER DISCOUNTS ON GLOBAL & LOCAL BRANDS18 the leadenhall building | +44 (0) 203 551 9188

technology market 19

Why Blockchain couldhelp the London Market stay on topIn this article, Ranvir cost burden. and this connectivity will allow Saggu , CEO of instant KYC and AML checks along Blocksure, explains how The future could be very different with easier GDPR compliance. A Blockchain might be the from the current, inefficient paper broker will be able to deliver real solution that delivers based world. time quotes to all its underwriting what other technologies partners. Underwriters will be able to have failed to in the The 7 most expensive words in respond to the brokers quicker with London Market. business today are: ‘We have quotes that are signed and notarised always done it that way.’ by blockchain, i.e. non repudiable. Catherine DeVrye Once accepted, the policy is bound and the policyholder isBlockchain has the power to have a So how will it work? covered. Every party involved inprofound effect on how the London the transaction receives informationMarket operates, especially when Imagine a market where brokers at the same time without thecombined with other technologies still provide the face to face risk need for any manual processing,such as Machine Learning and AI. management services for clients central support systems or humanThe increased complexity of doing but interaction with underwriters is intervention e.g. broker and insurerbusiness in the Market has created fully automated with minimal cost. are both updated at the samemany challenges and the underlying Brokers work from mobile devices time when a customer is put ontechnological development has connected to customers and the cover or performs an MTA. Policybeen slow to keep pace. Business wider market via decentralised documentation is stored on theprocessing is slow and labour applications (Dapps). Customers customer’s Dapp, so only legallyintensive (e.g. bordereau, claims will store their personal and risk required documentation is sent out.settlement, account reconciliation), information in digital identities ontransfer of risk information takes these Dapps. “we have removed the needmonths impacting aggregation and for the majority of currentexposure modelling leads to a higher Customers will grant brokers access to their identities via a digital key back office processes”2200 market

TECHNOLOGYHow underwriters will win with Blockchain• New business, renewals and even for the subscription market. MTAs are received through a Insurers and reinsurers would blockchain platform and directly lodge capital against the entered into the policy admin smart contract and it would be system. programmed to automatically execute all payments and• Claims are all received through collections once the claim is the same blockchain platform. closed. TPAs and suppliers are included so they can start managing • Central systems (e.g. finance, claims instantly. actuarial, compliance, risk aggregation and modelling)• Case reserving is automated would be populated in real using algorithms. time by utilising the ledger capabilities of blockchain.• Any adjustments made by Checking protocols/algorithms claims handlers, TPAs and would be built into the processes suppliers automatically updates to ensure any wrong entries or all parties in real time. deviations are detected and reported.• Claims settlement can be automated via a smart contract, “The future for the London Market could be very different. There is a real opportunity for change”Let’s get back to now and seewhat blockchain can deliver.A broker can work with apreferred underwriting partneror a TPA to achieve savings anddeliver differentiated products.Automation of some processes(e.g. client money, supervision andcompliance) is available. Dataquality is much improved leading toquicker and better understanding ofexposures.It is understood that the sector willwant to retain their customer facingculture whilst making back officesupport more efficient. Blockchaintechnology can deliver majorbenefits regardless of geographyor model type. Time will tell us howwe maximise the benefits this newtechnology will bring.RANVIR SAGGUInsurance Professional & CEOBlocksurewww.blocksure.com market 21

Sweet tooth for innovation Lately, working in innovation has made me feel like a kid in a sweet shop; you try to focus on everything, scan everything and try everything. Paul Willoughby, Beazley22

TECHNOLOGYWhen I was a child, I actually feedback from the customers or sit themselves, it’s just hard work was a kid in a sweet shop, my and write a strategy. So sometimes to know which ones to choosemother owned a shop and my role they would avoid the risk and stick sometimes and there is a huge fearafter school each day was to fill up with the products that did okay and of missing out on the next big thing.the jars of sweets whilst testing out had done okay for years.the new goodies on offer (well that Problem 2, someone walks in withbit wasn’t in the job spec but who I remember the day the penny the newest and greatest tech andcould resist). Back in those days sweet counter was taken out, it you fall in love with it, but without asweets were pretty traditional and just didn’t make money. There was real business problem to solve youthere wasn’t a lot of innovation furore amongst a small group of are committing the cardinal sin ofgoing on in the sweet world. But In children and a couple of dentists but falling in love with a technologythe late 80’s something changed it had to go, selling the same old stuff without it actually solving a problem.and there was a huge increase in in the same way just wasn’t efficientchoice, there was even a sweet or attractive anymore. The market I’m afraid the only answer is to goman that turned up once a week had changed and the customers back to basics, listen to your exec,with all of the new sweets available, were more focussed on a quick sale build a strategy, refine it to a limitedcall it an innovation lab of possible or cleverly marketed products, the small amount of business problemschoices, he used to try and sell us addition of sweets from other areas and focus, focus, focus. It reallyall of the new trends, all of the new were also becoming attractive. It is the only way forwards unlesstypes of chocolate (a travelling Willy probably also wasn’t helped that you have scale. Without a clearWonka if you may). penny sweets were no longer a business strategy you’re just window penny. shopping and potentially wastingMy parents were nervous though, time, effort and funds on hundredsthey didn’t like up and coming I could sit here and say that our of demonstrations that have notrends, they couldn’t afford any trial market is a 1980’s pick and mix business demand.and error as they had a business counter, and that we sell the sameto run, They didn’t know where products that were sold many years My customers in this day and agethey should invest. There wasn’t an ago and that we sell them in the are my underwriting teams, they areinnovation team or a focus group same way and that one day the hungry (finally) and some (not all)for testing new stuff, they counter is going to be taken away. have a sweet tooth for technology.didn’t think to get But things are changing, and if you Sometimes a few demos and some take technology into account then sexy tech are needed to wet their they are changing faster than ever appetite, all you need is enough to before. I’m not just talking about the elicit that most important piece of centralised technology that people information, how I can help them are working tirelessly to implement. keep their sweet counters relevant. I mean the technology open to all of us internally, the automation tools like robotics, the data augmentation tools, the new ways of distributing our products to our coverholders and our brokers. Suddenly there are hundreds of Paul Willoughby Sweet men in vans appearing, all Head of IT, Innovation with new types of product, they are called InsurTech’s and all of them and Architecture, have a new recipe’s that could make the whole value chain more Beazley automated, more efficient. But there is sometimes too much choice, I’ve seen 200+ startups in the last 12 months alone and it becomes tiresome, draining, and like my parents you don’t know where to focus. Problem 1, A lot of these new sweets are very similar, sure they are labelled and sold differently but when you scratch below the surface there are huge similarities to their core. Be it NLP, RPA, Data Augmentation or Blockchain, the list of vendors is now endless and there are very few that differentiate 23

Are you ready? To stay ahead of the competition and keep on top of market pressures, insurance businesses must challenge their way of thinking. Technology is enabling change in today’s market – and by embracing it, you can respond to that change. We’ve shown how the effective use of technology can achieve tangible value in the insurance industry. With over 130 years’ insurance expertise, we can give you the insights you need to face the future – and provide you with the tools and capability to do things more efficiently across the insurance value chain. To find out how we can help you, visit www.ctinsuretech.com @CT_InsureTech24

TECHNOLOGYBlockchain– insurance sector collaboration at its bestIn our Market News focus, we examine how the insurance sector is coming together to take advantage of Blockchain to make the sector lean and efficient for the next decade.B3i - Tapping into the potential of Today, alongside artificial replicated on multiple “nodes 1”Blockchain intelligence and IOT, blockchain in the network. is high on the agenda of manyFour years ago, blockchain or companies and there is no shortage “data can be shared by all thedistributed ledger technology (DLT of consultants and conferences participants in the network andfor short) was just one of those terms specialising on the topic. To many serve as a single version of thewhich very few people talked about people though, this is still very muchother than those actively involved in a “hyped up” topic. truth”its use and development. Those thatdid associated it with Bitcoin and Many companies are experimenting Smart contract capabilities allowother crypto currencies which have with the technology through for them to manage themselves,been around since 2008. prototypes and internal initiatives as they can self-execute the terms to identify the true benefits of of the contract. This all results in aIn the last few years though, employing blockchain. However, much faster, auditable, efficient andawareness has grown as has the the lack of mature use cases being direct process than what is in placeunderstanding of its potential. taken to the market simply leads to today. Blockchain could be anThe technology continues to more scepticism. economic protocol for the internetbe developed and tailored for which provides greater security andpurposes other than cryptocurrency A good place to start is to confidentiality.transactions. This trend has understand better what blockchaingenerated greater interest from the is and how, in an insurance context, The main benefit is that data can befinancial services industry. it could offer benefit. In simple shared by all the participants in the terms, blockchain is a shared ledger network and serve as a single version “In simple terms, blockchain capable of handling transactions of the truth. As transactions flow is a shared ledger capable of over a network. In blockchain, through the platform a consensus handling transactions over a transactions get linked together in mechanism ensures that all parties a virtually unbreakable chain that is validate the transactions without network” needing a central authority. This1 In a network, a node is a connection point for data transmissions on a communications network which functions as a redistribution point or an endpoint. 25

TECHNOLOGY consensus is reached the parties, which obviates the need The results of the B3i development, in a cryptographically secure way for email and other communication so far reveals a very promising and creates a virtually unbreakable and there is a complete audit opportunity to realise material chain of transactions. trail embodied in the blockchain savings and other benefits across transaction records. the value chain. Further down Since a blockchain can transact the line, this provides additional economic value, it also can handle How the industry is evolving benefit if applied to other products. contractual logic and execute it using new technologies The promise of distributed ledger smartly, whilst also managing privacy technology, with its simplicity and permissions securely. As a result, Taking the lead from this example, coupled with high levels of financial transactions can settle several re/insurers got together in confidentiality and immutability is faster, cheaper, more transparently 2016 to test the use of blockchain very attractive but it is early days. and with less operational risk. The technology. The collaboration benefits of using blockchain could grew into a formal consortium of 15 At the outset, the 15 founding come through enabling more companies in December and B3i, members of B3i decided to put efficient business processes across The Blockchain Insurance Industry aside competitive interest and pool multiple stakeholders without “full Initiative, was created. together their resources to explore trust” in each other. This could open and prove whether Blockchain could new revenue streams and market “B3i estimated that efficiency provide any value to the insurance segments in insurance. gains of some €210m p.a. could industry primarily in terms of reducing the friction and inefficiencies. “there is no shortage of be achieved” consultants and conferences “employing blockchain The group decided to create a proof technology in insurance should specialising on the topic” of concept based on a property cat not just be about reducing costs XOL contract. The objective was to Apart from efficiency gains, other test the feasibility of the platform and and increasing margins” benefits include improved data to establish business case elements quality, claim event identification, necessary for production. This level of collaboration and co- fraud detection and customer creation is unprecedented in the trust. Ultimately, this leads to higher The prototype was successfully insurance market and only made contract certainty, auditability, completed in mid-2017 and to test possible through the strong urge to clause standardisation and its functionality and robustness, overcome such inefficiencies. transparency. additional market participants were invited to join a testing However, employing blockchain So where are the applications in programme. During October 2017, technology in insurance should not insurance? A good example is in a community of 38 insurers, brokers just be about reducing costs and reinsurance transactions. This process and reinsurers put the platform increasing margins. The opportunities typically involves counterparties through its paces and the process of blockchain should lead to the undertaking numerous not only validated the hypothesis but development of new business reconciliations. A smart contract also provided valuable feedback models and products. built on blockchain technology on functionality to further its would facilitate a single version of development. The goal should really be focused the truth removing the need for the on improving outcomes for end duplication of effort. Based on aggregated information customers through improved speed, from this group, B3i estimated that transparency, quality and sometimes Blockchain can enable the efficiency gains of some €210m p.a. cost. transaction flow across multiple could be achieved. This represents layers of counterparties from original an average efficiency improvement B3i strongly believes that blockchain insured to brokers to reinsurers and of 12% of cost in scope across the should be an incentive to make all the way to capital markets. It value chain. Extrapolated across insurance more accessible and could feasibly redefine the standard the relevant market, this would attractive for market segments that for digital transaction processing and translate into potential savings of currently are disenfranchised or deliver significant efficiency gains. c.$1.12billion2. underprivileged. “To many people though, this “During October 2017, a is still very much a “hyped up” community of 38 insurers, brokers and reinsurers put the topic” platform through its paces” The smart contract also facilitates real time communication between Ken Marke Chief Marketing Officer 2 Based on independent research conducted for B3i by Stern Stewart (http://bit.ly/2EwojP5)26

GET ANSWERS NOW. 27

Time isrunning out– Are you prepared? By Timothy LaTulippe & Daniel Rupprecht - Advanced DiscoveryIn our legal and compliance focus, we take a dive into the world ofGDPR and ask whether you are really prepared for (G)D(PR)-Day,25 May 2018.DATA contracts between the controller responsibilities’ between the partiesPROTECTION and processor. In some cases, this in the relationship). This is particularlyNOW & THEN can serve as a vehicle to protect important when instructing third against compliance risks generated party providers on projects of allLike a child caught kicking a ball by placing sensitive documentation types, though processors cannot through a neighbour’s window, in the hands of a third party. do this without controller approval“he told me to do it” has been a However, nothing under current law (Article 28.2).viable excuse to data protection enables the controller opportunitynon-compliance when seen through to shift the burden to a processor “First steps for anythe lens of a data processor. Soon should a data privacy breach occur. organisation, whether athe days of hiding behind the Insurers may be considered both controller or processor,decisions of a data controller will be controllers and processors as they should be to understandover and those being tasked with both store personally identifiable internally all networks andprocessing data will be held to the information as well as process those systems that are in place with asame level of accountability. data in their operations. view to GDPR compliance” The General Data Protection “Insurers may be considered Regulation (GDPR) comes into force GDPR will impact all insurance both controllers and on 25 May 2018 and places direct practitioners, with new-found obligations on the data processor roles and responsibilities for both processors as they both and in turn, controllers need to be controllers and processors, fostering store personally identifiable confident they are working with a more balanced approach to data information as well as process partners who understand how these protection compliance. In the first those data in their operations” responsibilities are shared (Article instance, processors will need to 28.1 makes the controller responsible position themselves institutionally toUnder the current EU Data Protection for the processor). With this new tier show that all processes and systemsDirective, only the data controller of accountability, relationships need are GDPR compliant. Preparingis held liable for compliance. to be better defined and it will be for this eventuality is upon vendorsProcessing is generally governed by ever more critical that obligations to comply with and all should be at every level are well documented ready to outline every network and understood (Recital 79 environment that could touch upon requires a ‘clear allocation of the external data. PREPARATION: Vehicles to define actions will “data processing agreements” will KNOW WHAT be paramount when moving need to be signed in order to be YOU DON’T forward with many lines of business. GDPR compliant. Only where a KNOW What is currently best practice will written contract is in place between soon become law and agreements/ the controller and a processor28 approval processes will need to can personal data be processed. be documented every step of the Should a processor sub-contract way, noting that Article 28.3 of the any aspect of the data life-cycle, GDPR states the processor must (e.g. analytics), written authorisation operate according to a contract will be required to supplement the drawn up by the controller. At the original agreement. outset of every project, detailed

TECHNOLOGY GDPR will impact all insurance action instructed by a controller after becoming aware of a personal practitioners, with new-found or executed by a processor could data breach” (Article 33.2). In be analysed for completeness many ways this places each party roles and responsibilities and compliance. Controllers and to a breach on notice that one is for both controllers and processors will also be obligated obligated by law to follow closely to report any breaches of data the actions of the other or in turn be processors that may have occurred during a held accountable for breaches even project and to do so within 72 hours if not completely in charge of theTransparency and approval of discovery. This pertains to the actions taken.procedures are compounded by supervisory authority’s notification,the needs of supervisory authorities however; “the processor shall notifyto access this information upon the controller without undue delaydemand. There will be a duty tocooperate with officials and eachCROSS BORDER When considering cross- controller. Mechanisms for crossVIEWING & border data transfers, GDPR border transfer including BindingTRANSFER OF compliance and its underlying Corporate Rules (BCR’s) and theDATA theme of transparency and heavily-scrutinised Privacy Shield accountability remain. Only –the replacement for the now controllers can instruct a processor defunct Safe Harbour – should also to effectuate a transfer. Each be examined. transfer needs to be evaluated on its merits and each needs to “Only where a be assessed on its own legality written contract is in place or compliancy under the GDPR. between the controller and a This too will require an approval processor can personal data process that begins with the be processed”PUTTING IT ALL all controllers establish a relationship ensure transparency while at theTOGETHER with a DPO at the earliest stages. same time tracking accountability. Long standing partnerships will Organisations should considerDocumentation will be key in benefit greatly from understanding vehicles for identifying and resolving redefining relationships between internal processes straight through disputes in a timely manner, incontrollers and processors under to streamlined approval procedure order to best cooperate withthe new data protection regime. leading to compliant productions of authorities should a breach occur.To help create an environment documentation. By managing expectations andthat is less obstructive and create First steps for any organisation, creating a cooperative approachuniformity of approach within whether a controller or processor, to data protection, controllers andorganisations who deal regularly should be to understand internally processors can work together inwith personal data, Data Protection all networks and systems that achieving end goals rather thanOfficers (DPO) will (or should) be are in place with a view to GDPR subjecting themselves to fineshired to serve as a gate keeper to all compliance - having a focus on (Recital 146) amounting to 4% globalof these issues. When working with a data and its flows. Secondly, turnover or twenty (20) million Euros,third-party provider, it is crucial that clearly defining relationship whichever is higher. parameters through agreements and approval documentation willIN SUMMARYGDPR compliance is somethingthat will affect many LondonMarket professionals; with increasedsupervision and cost, as well as therisk of serious reputational damagefor offenders, keeping within the newrules is something that we just have toaccept – watch this space.Timothy LaTulippe GDPRSr. Consultant &Data ForensicExpert WitnessAdvanced Discovery 29

ROBOTIC PROCESS AUTOMATIONWill Bots TakeYour Job Or KeepYou In Business?Arno van Rooyen - CEO, VelocityAutomation technologies help firms to optimise resources, elevate performanceand maintain a competitive advantage. In an industry where growing regulatorypressures, data volumes and customer expectations are a challenge, robotic processautomation (RPA) can lighten the load.RPA solutions can be configured to WHY INVEST IN RPA? be easily and securely scaled to suitautomate routine, repetitive and time- According to research by Accenture, fluctuating business needs.consuming insurance processes. The RPA can free up to 30% of capacitysoftware ‘bot’ operates on application within an enterprise, cut operational ROLLING OUT RPAuser interfaces (UI) in the same way a risk and enhance the customer 1. Identify processes that would benefithuman would – only much faster and experience.1 from automation. Where are peoplemore accurately. wasting time on rules-based work?WILL BOTS MAKE PEOPLE Business benefits for insurance firms 2. Partner with a process automationREDUNDANT? include: expert for guidance on whether RPACould RPA lead to job losses by Less human error – This can cause is the best automation approach.creating a digital workforce that works downtime, customer churn, security 3. Model each RPA configuration totirelessly around the clock? breaches and compliance violations. ensure all stakeholders’ expectations Automating manual processes are understood and met.Before panicking, it’s important alleviates this risk.to understand that (current) RPA Seamless integration – RPA READY TO FIND OUT MORE?solutions have their limits. Bots software works with existing systemscan only fulfil digitally-driven, easily to minimise disruption and maintain a As process automation specialistsdefinable processes. Roles involving return on current IT investments. with expertise in RPA, Velocity canexception handling, complexcustomer interactions and reasoning Code-free – RPA tools require guide and support you on yourare best left to human employees. minimal software programming skills, business transformation journey. making them more accessible to Join us on 23 May for a morning of hands-on discovery of howMany insurance business processes users and less burdensome for IT. RPA can be best adopted bywaste resources. By delegating this Supports compliance – Automation organisations in the insurancework to bots, the firm benefits from boosts data accuracy and creates a and financial services industries.improved process speed, accuracy digital log of all actions, which is ideal Register for the workshop here:and efficiency; while its employees for internal and external audit, as wellare free to focus on more fulfilling as regulatory compliance.workloads. Enhances agility – RPA capacity can www.velocity-it.com/RPAbreakfast1 https://www.uipath.com/blog/rpa-and-the-insurance-industry 23 MAY | CITIZEN M | LONDON Success with bots in insurance and financial services Surviving the RPA revolution with smarter, bot-ready business processes30 REGISTER: velocity-it.com/RPAbreakfast

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Diversity & Inclusion in EC3 Does your data measure up? Erik Johnson, BComm, MSc, ACII - Inclusion@Lloyd’s Committee We asked Market D&I Champion, Erik Johnson, to share his views on the progress and benefits of the Diversity and Inclusion (“D&I”) in the world’s most historic insurance marketplace. When I look back at my days as Things really got started when Link, measurement, particularly a lack of a ballet dancer on the stage in the LGBT Insurance Network was it. Canada to my current involvement launched in 2013. This was quickly in D&I in the world’s most historic followed by the launch of Inclusion@ In order for the London Market to insurance market, the differences Lloyd’s. There are now dozens of assess the impact of its D&I initiatives couldn’t appear starker. But there employee D&I networks within we need better collection and use of are similarities. It takes a few principal London Market firms and more diversity data. The focus on gender dancers and the large corps de cross-market networks, like GIN, the pay gap reporting is a useful an entry ballet to put on a great show. With Gender Inclusion Network and iCAN, point to start a wider conversation D&I in the London Market it is the the Insurance Cultural Awareness around D&I data collection. same - we can’t leave D&I to the Network. One also can’t forget the While many firms collect data on few with diversity in their job title, Dive In Festival, the annual global gender, disability, and nationality, we all have to play a role to create celebration of D&I in insurance. few for instance collect data on positive D&I change. I’m proud of faith, caring responsibility, sexual the progress we’ve made and I’m But what has changed with all orientation, or gender identity. Even confident about the journey that we this activity? Has the London those employers that collect diversity are on. Market become a more inclusive data fail to do much with it. and diverse place to work? Are How do you know if your D&I D&I in the London Market has come business in the market seeing the initiatives are having a positive a long way since I first got involved financial benefits of D&I? These impact if you are not even capturing just over five years ago. are harder questions to answer. relevant data? The key challenge being data and32

PEOPLESome concrete benefits that So, if there are benefits to better need to work together to maintaincan come from capturing diversity data collection and use, the success of the London Market.and using diversity data why aren’t more firms in insurance I believe the same approach willinclude: doing it? work on D&I, which is why I am such a strong supporter of Inclusion@• Employers get a better Some people say that asking Lloyd’s. We all compete for talent understanding of employees for this type of data is a but also benefit from a market that employees, enabling them step too far. attracts and retains the best talent, to maximise the potential of regardless of background. their staff by identifying any I think employees can be unnecessary barriers they encouraged to voluntarily provide Inclusion@Lloyd’s D&I Charter may face; diversity data if they know how it encourages signatories to collect is being used. Let them know it is data on the diversity of their• Supporting evidence-based used on an aggregated basis to employees. This year I challenge decisions around D&I track the impact of D&I initiatives, to all signatories to review what data policies and investment; ensure that no group is encountering they collect, how they use it, and barriers in their careers, that it is to develop strategies to ensure that not used for HR decisions tied to they track their D&I successes and individual employees, and that share these successes within the access to individual data is tightly market. restricted and not accessible to line managers. There are many organisations in the UK there that can provide People routinely provide diversity guidance on diversity monitoring and best practice. Reach out to data when they access UK public Stonewall, The Employers Network for Equality & Inclusion, or Business• Enhancing the credibility services. We need to get employees in the Community for guidance. But most importantly, if your firm hasof D&I initiatives so that comfortable with providing similar not already - sign up to Inclusion@ data to London Market employers. Lloyd’s D&I Charter - engage withsuccess can be tracked and Inclusion@Lloyd’s on how we can work together across the Londonreported; and With solid diversity data London Market to assess the impact of our Market firms will be able to track D&I collective D&I initiatives. progress and return on investment. By working together on D&I across the London Market we will all• Signalling to all staff Until we know the make-up of our benefit. market it is hard to know if we arethat their unique needs are making any progress, particularlyconsidered and valued, which initiatives are generating lasting benefit.increasing employee The London Market is based onengagement. collaborative competition, meaning we all compete for business but Erik Johnson Inclusion@Lloyd’s Committee Member Erik is a founding member of Inclusion@ Lloyd’s, iCAN, and Link and sits on the IIL Council. He started in insurance at Marsh Canada, moving to London working as an Assistant Director in Deloitte’s Corporate Finance Insurance Practice, strategy at Lloyd’s and Allied World, and is currently with Pioneer Underwriters. 33

Finding Oscar Padilla, Business Services Manager ata Job LMForums, the Market’s networking and thoughtin The City leadership group, shares his Written by Oscar Padilla story of finding a role in our Business Services Manager market. lmfORUMS The Insurance Market is a truly fascinating industry which attracts the interest of professionals from a wide variety of other industries; who are often drawn by the “magic” that seems to surround the city itself or by the opportunity of building a prominent and stable career in the world of insurance. When my friends ask me what it is like to work in the City, my reply is immediate and resounding; “ simply amazing”! I am Venezuelan, so therefore a native Spanish speaker. After having worked in markets as varied as Asia and Latin America, the London Market was the next step in my career. For whomever who wants to be recognised in the insurance industry, London represents the very epicenter of the specialty insurance world. However, finding my place in the City wasn’t easy, as it required an understanding of the inner workings of a market with more than 300 years of history, which works on a basis of trust, credibility and face to face relationship. It has been a truly revelatory journey for me.3344 market

PEOPLEThe first step; that of finding a job, These, in other words are recruiters Q Could you explain to our was the most difficult. Normally, one who specialise in a vertical such as readers what your role is at would think that this would be easy insurance, banking, fashion, etc. I LMG, and what this consistsin the light of having had experience waited a couple of weeks for the of?working in other countries in the opportunity to grab a coffee withsame industry, and specially taking one of these recruiters, but when this Answer: As Head of Talent for theinto consideration how much value took place I understood that only London Market Group my roleI offer coming from Latin America, someone who knew the insurance is focused on helping to drive anda region where the London Market industry from the inside and had deliver the workstream, which hashas a strong foothold, but to be taken the time to understand my been created to help the Londonbrutally frank it was tough. The first previous working experience, could Insurance Market build a diverse,and most important thing to take show me the correct path to take dynamic workforce. As part of myinto account is that in the London in order to find a job suited to my role, I work closely with the variousMarket, everyone knows everyone, profile. market associations, Lloyd’s, the CIIand frequently when you apply for and market organisation volunteers.a job the first question they ask you Finally, this much-awaitedis if you have previously worked in opportunity arrived with London QAlso, could you share withthe industry or if you know someone Market Forums, the place where our readers a bit aboutin the City? On many occasions, I insurance professionals meet, your work and that of yourhad the impression that all my years collaborate, learn and network. ambassadors regarding inclusionof experience were not sufficient to and diversity in the London market?gain a job in the seemingly “closed My new adventure has just startedsociety” of the city. and I can wholeheartedly say that Answer: A year ago we launched this journey has been enjoyable, full the talent engagementInitially, I tried to apply for jobs of lessons learned and leads to a campaign - London Insurance Lifeadvertised online, and after some horizon full of opportunities. Being (@LIL). It’s designed to bring youngmonths of fruitlessly searching in this involved in all the changes and people who are considering theirmanner I realised that generally challenges that the London Market career options together with peoplein the UK, when recruiters look at is facing, such as TOM Project, GDPR already working in the market.one’s CV, the first thing they want to and Brexit, amongst others makes it Through events and social media, itknow is whether you have worked such unique experience. provides a flavour of what workingin this country, notwithstanding any life is like in the London insuranceexperience gained overseas. To be able to achieve all the market and the career opportunitiesAfter having tried without result for changes needed in the London it offers.many months, I decided to change market, the industry must help itselfmy strategy. Firstly, I contacted by embracing talent from other One critical aspect of @LIL is thespecialists to give my CV a radical industries and territories around the recruitment of ‘ambassadors’ -“makeover”, and the first thing they globe. I though it will be interesting young professionals from across theadvised me to do was to change to hear from a market professional market who participate in eventsmy Linkedin profile to make it more how the London Market is planning and act as relatable role modelsattractive to the industry in which I to attract this talent. I therefore for a wide and diverse range ofwished to work and to summarise invited Teresa Bentley, Head of young people that we are trying toin three lines my strengths, skills and Talent (interim) at London Market attract, many of whom would neverexperience (recruiters generally Group to share with all of us the have considered insurance as ahave very little time to read CVs). challenges that the industry is facing career choice. We currently haveThe key point was the visibility of the in finding and retaining this much 94 ambassadors who work with ourkey words and skills they might be needed talent. diversity partners and young people,looking for. engaging and interesting them in a I met Teresa over a coffee at our career in insurance.The next step was to identify the offices on Level 30 of the Leadenhallso-called “Headhunter Boutiques”, Building. market 35

PEOPLE QIn the seemingly “closed ‘London makes it possible’ – and stories from other industries. society” of the city, how this is because it can seamlessly has your experience been in bring together a unique breadth QWhy recruiting outside of encouraging people to speak out of expertise and depth of financial London / Internationally on social media; being one of the resource to address a wide range of is vital for the London initiatives of London Insurance Life? risks – from underwriting sports stars insurance Market? to aviation, marine and new risks like Answer: We have been delighted drones and cyber-attack. The facts Answer: With the London Market by the success of our social and the wide range of careers on operating in an increasingly media pages on Twitter, Instagram offer speak for themselves, so it’s no global marketplace and with and Facebook. By using a medium surprise that 96% of the attendees of aspirations to grow market share in that is an integral part of young our events say they would consider Asia and other emerging markets, people’s lives, and posting a insurance as a career choice going if the London Market is to remain range of personal stories from forward. relevant to its client base then young and diverse people working diversity of age, gender, ethnicity in the market, we can change QIt is proven that and thought will be important factors preconceived ideas about the professionals sometimes in maintaining its position as a world London Market and open up young take decisions based leading specialty insurance hub. people’s minds to insurance as a on their own perceptions and career option. We also promote prejudices; what advice would We also recognise that having a range of entry job vacancies, you give recruiters in order a diverse workforce creates a graduate and apprenticeship to make their assessment of diversity of thought and innovation, schemes from firms across the a candidate as objective as and effective diversity and market. The @LIL pages have possible? inclusion strategies boost business proved very popular, registering performance by improving over 285,000 page impressions, 7,750 Answer: Part of our role is also businesses’ ability to innovate, be ‘likes’ and, we now have over 2,250 to open the eyes of careers more responsive to customer needs active followers. advisers, HR professionals and and increase collaborative working. recruiters in the market to the QWhat would you say to benefits and importance of QThank you so much Teresa; a professional coming employing a diverse talent pool. your views are really from another industry, There is little point in attracting appreciated. to persuade them of all the diverse talent if the market isn’t open opportunities that the London to recruiting outside its current talent Answer: You’re most welcome market offers? pool, and more importantly doesn’t Oscar, delighted to contribute to provide the appropriate inclusive this article. Thank you for sharing your Answer: Employing over 52,000 environment to retain them. story with us. people and generating over 2% of the UK’s GDP, the London To help highlight the benefits and The London Market Forums Insurance Market is the world’s importance of diversity and provide leading commercial specialty practical solutions to market Bringing Insurance Professionals Together insurance hub, and without its organisations, we are running a series willingness to underwrite the world’s of showcase events to demonstrate Oscar Padilla business risk, a great deal of the successful initiatives from across the Business Services Manager progress around the world would London Market and inspire them have been impossible. In short with diversity and inclusion success lmfORUMS36

Roger Hayden Enrico MichaelOldham Smith Bertagna WalshLMForums Starstone Allied World Allied World Emma Clare Watkins Lebecq June charity fashion galaChannelSyndicate JLTMarket People The London Market Forums OUTFITS KINDLY SUPPLIED BY:Charity Fashion Gala Bringing Insurance Professionals Together &20 June 2017OVER 100 EXECUTIVES, PRACTITIONERS AND INDUSTRY SUPPLIERS FROM THELONDON MARKET GATHERED AT THE PRESTIGIOUS BANKING HALL IN THE CITYON 20TH JUNE 2017, FOR A SPECTACULAR CHARITY FASHION GALA AND AUCTION,TO HELP RAISE FUNDS FOR THE HAVEN HOUSE CHILDREN’S HOSPICE.At the event, created and hosted for a variety of exciting gifts and experiences by LMForums, guests enjoyed a following which, Hayden Smith kindly drewmagnificent drinks reception; three course the winners of the Grand Prize Draw. Thanksgala dinner, accompanied by classical to the generosity of the event supportersmusicians and an amazing fashion show. and the guests, over £8,000 was raised onAmongst those dressing up on the night, the night for the Hospice – a truly wonderfulwas former Saracens rugby star, now achievement. Thanks to SuitSupply andStarstone underwriter, Hayden Smith, Paule Ka for supplying the amazing outfits.various Heads of Claims and Operations An evening to remember!from companies such as QBE, NeonUnderwriting, Allied World and JLTand even the LMForums founder, RogerOldham, took to the runway himself.During the lively auction, London Market Sharon Longcompanies were bidding against each other NEONGlenda Michael Rebecca Tony Samantha JasonParry East Oliver Russell Westaway SahotaQBE QBE Eurobase International Charles Taylor InsureTech Marsh Charles Taylor InsureTech KINDLY SUPPORTED BY: R 37

Training the talent of tomorrow By Charlotte Myers Director, LMA Academy & Market Talent Development, Lloyd’s Market Association Lloyd’s has evolved considerably over the past decade. For centuries, the business of underwriting and managing claims was learned almost entirely from the man (and they really were all men) who sat next to you at your box. But today, whilst on-the-job learning still plays an important part in training young professionals, it is not enough to ensure that they have the broad skill set necessary to undertake both their current and any future roles. Leading the learning at today’s Lloyd’s is the LMA Academy, founded in 2009, to deliver the specialist education necessary to keep Lloyd’s at the competitive heart of the global re/ insurance industry. Training the talent of today for the challenges of tomorrow is our entire purpose. Prior to 2009 there was only limited technical training available that could provide for the core skills that people in the Lloyd’s market needed to develop and advance in their careers. There was a demand for structured training which delivered the unique skills that the market needs. A formal framework for life-long learning was seen as essential and the LMA Academy was established to provide the solution. “NESTA, an innovation foundation, declares that 65% of children starting primary school in 2016 will have careers in roles not yet created”38

PEOPLEManaging agents know it is critical The LMA Academy is committed to development programmes to attractto the ongoing success of their staying ahead of such developments quality employees. It also found thatbusinesses and our market to ensure and tailoring educational people who work for companies andthat young professionals have the programmes accordingly. We do markets that do not offer trainingskillsets both to undertake their so by carefully crafting educational have a much higher tendency tocurrent roles, and to support their programmes that will help them to leave, and look for a job that does.progression into future senior roles confidently follow a career path LMA Academy programmes arewithin the market. Today’s young from junior roles to senior executive unique in that they are designedpeople are ambitious: very few want positions. That is how we arm our expressly and exclusively for theto be in their present role for their young professionals thoroughly for Lloyd’s insurance market. Lloyd’s isentire career. They are bright and their careers in a changing world. unlike any other work environment,focussed on absorbing knowledge. This involves much more than so a bespoke training institutionThey eagerly wish to develop technical knowledge, although that is essential to ensure its leadersthe skills that will broaden their is obviously important. We also run of the future are of the highestworkplace abilities, and help them programmes to encourage creative calibre. With input from marketmove up the career ladder. That’s thinking, improve presentation skills, practitioners, leading universities,why attendance at LMA Academy develop decision-making abilities, and business schools both in the UKevents doubled from 4,000 to 8,000 in and – equally important – to network and internationally, LMA Academy2016 and was even higher in 2017. both with their peer groups and programmes offer once-in-a- with senior market practitioners and lifetime opportunities to be part ofYoung professionals are helping leaders. These ‘soft skills’ are critical something special and beneficial toto shape our market and in a few to our market’s success. all.years, will run it entirely. They arecreative, innovative and hungry for We ensure our programmes are right Many of the delegates on LMAknowledge. They are keen to do in two ways: by gathering feedback Academy programmes have gonethings in different, more efficient from those who participate, and onto greater things in the market.ways. In Lloyd’s, the contribution extensive input from the technical Many have now come back to usof under 35s is enormous, and it will committees of the LMA. The former asking for more support, which hasbecome more important: by 2025, tell us how to make our face-to-face spurred our development of furthertwo thirds of the global workforce will programmes better learning tools, programmes. We will continue tobe millennials. NESTA, an innovation the latter highlight specific areas provide a platform for success byfoundation, declares that 65% of where training is needed. Ideas are training the talent of tomorrowchildren starting primary school in researched and tested to ensure with the best-possible techniques,2016 will have careers in roles not they are efficacious, up-to-date listening to what the market wantsyet created. That has dramatic and to ensure that they cover the and needs, choosing excellentimplications both for the way Lloyd’s breadth of the market. partners, and always keeping abusinesses will operate and also for finger on the market’s pulse.what and how we insure risks from “a bespoke trainingaround the world. institution is essential to Charlotte Myers ensure its leaders of the“A recent survey future are of the highest Director, LMA Academyundertaken at Plymouth calibre” & Market TalentBusiness School found Developmentthat people who work for Training is essential for employee Lloyd’s Marketcompanies and markets satisfaction. A recent survey Associationthat do not offer training undertaken by a graduate athave a much higher Plymouth Business School highlightedtendency to leave” the need for organisations to focus on offering unique training and 39

The difference between a “good” and a “great” team Team Coaching - transforming the quality of conversation and commitment By Caroline Sheridan, Managing Director of Sheridan Solutions How do you coach senior executives in the insurance sector to realise their full potential? Increasingly, the answer lies in a focus not only on their potential as individuals, but also on their potential to excel together as a team. And with so much disruption testing and stretching the fabric of professional relationships in this sector, it is this focus on their collective performance that can make the difference between a good and great insurance team. Too often, executive coaching The power of team coaching Whatever the situation, whenever takes leaders away from the a group of people come together realities they face. While physical Insurance leaders need to to work collaboratively to achieve and emotional distance can be understand how to both create and a goal, there is scope for team important in creating the conditions contribute to high performing teams coaching to reduce the time taken for leaders to gain perspective in a range of situations: to move from “aim” to “results”. and insight, it ignores the role that Also, given that teams themselves team dynamics play in effective • Existing teams facing new change in terms of personnel, focus performance. The interplay challenges – such as market and priorities, team coaching can of differing values, styles and conditions or disruptive change equip them to be more resourceful perspectives can be the fuel of high in adapting to changes and performance or a drain on individual • Existing teams that are not minimising unnecessary disruption. and collective energy. Ensuring broken but just need a little it’s the former requires teams to space to think things through to “Leaders gained insights face the conversations that lead work even better together that led to a more to collective insight and collective collaborative team responsibility; that’s why, at Sheridan • Existing teams with the potential Resolutions, we are passionate to perform better style and a collective about team coaching, working with embracing of difference” leaders and teams to ensure that • New teams – maybe wholly their potential to perform equates to new, or recently reshaped in The common thread holding all their actual performance. terms of remit or personnel these different situations together is that a more team-based approach to leadership usually40

means coaching new leadership with different needs from, and potential PEOPLEstyles. Whether leading a team or contributions to, their employer. Treatedcontributing as a team member, as such, they can make the change. If 41leaders need to know how and when their needs are ignored, however, theyto cede control or certainty and, in so can also break it. Those managers whodoing, show respect for the differing have developed skills in this area willperspectives and approaches of usually make better leaders than thosethose who work with them. As a tool with very high-level technical skills butfor enhancing a leader’s agility in less personal engagement with theirthinking and behaviour, coaching new people.leadership styles into the team is critical.It converts scepticism or resistance into Ultimately, really effective teamreceptiveness and commitment. And coaching addresses needs of both theit is vital for giving talented people the individual and the team. Sustainablechance to develop their repertoire of change can often only be achievedskills and abilities. if the team charged with bringing it about also change to support and “team coaching can equip reinforce new behaviours, priorities andthem to be more resourceful ways of thinking.in adapting to changes and At a time when the London Market is undergoing significant change, minimising unnecessary the power of conversation and disruption” commitment couldn’t be more relevant – time to get talking.In our experience, teams that embracecoaching tend to demonstrate more Caroline Sheridanfocused, collective energy. And, asthey learn together they can use real Managing Directorwork issues to put the learning intopractice, so embedding new skills.Typically, co-coaching then becomes aroutine activity.We have seen how team coaching can AT A GLANCEtransform the quality of conversationand commitment. For example, we Sheridan Resolutions LTDworked with the management groupof a leading insurance player to equip Headed by Caroline Sheridanits leaders with the tools to leverage adiversity of thinking, perspectives and • Established in 2006backgrounds in its team members. • Based in London and DublinLeaders gained insights that led to a • Experts in conflictmore collaborative team style and acollective embracing of difference. resolution, executive coaching and leadershipAs well as focusing on the collective developmentperformances of a leadership team, • 20 associatescoaching is also an important tool for • Awards include Chambersleaders, helping their team members UK,Legal 500, 2017 UK Leadingunderstand and be prepared for the Mediator of the Yearsense of vulnerability inevitable during • ILM Approved Centretimes of change. To do that, the leadermust first take the time to understand www.sheridanresolutions.comwhere the next source of disruption maycome from and how it may best beaddressed - in effect, since ignoring it isfutile, whether to counter it or to adoptit. The leader’s role is then to be skilledin having coaching conversations withtheir people, which in turn expands theirthinking and resourcefulness in assessinga new situation. This is vital becauseemployees increasingly (and rightly)expect to be able to make their owninput, to be recognised as individuals,even in the face of sweeping changes,

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market PEOPLEMeets Dominic Christian Global Chairman of Aon Editor of Market People Magazine, Roger Oldham, met up with Dominic Christian, Global Chairman of Aon and winner of the Market People Lifetime Achievement Awards 2017. At Market People Magazine, we’re always keen to get to know the people behind our popular annual awards event, so I invited Dominic to join me for a chat on our sofa on Level 30 of the Leadenhall Building. As we stood at the giant windows of the Leadenhall Building, we both remarked how the landscaped was continually changing at rooftop and street level within our unique Marketplace. Both Dominic and I recounted the changes we’d seen in our 30 years of working in the most famous insurance market in the World; in particular we talked about how the Market had become a much fairer and transparent place to work and operate, but equally that the values we’ve treasured as a Market; honesty, integrity, fairness and entrepreneurial, have remained intact. I was keen to know Dominic’s story, his rise to the top one of the biggest professional services firms on the globe. He kindly took time out of his valuable schedule to share some facts, thoughts and his hopes for the future. 43

Roger: Dom, Where did you grow literally a case of learning on the the best of both worlds for the staff up and go to school? job. I’d only been in the office for and clients of Aon Benfield; the an hour and I was asked to go into sometimes greater personal focus of Dominic: I was born in Yorkshire but Lloyd’s. JK Buckenham taught me a smaller broker with the power and my father was in the Royal Airforce, a valuable lesson “care more than resources of a large global broker. so that meant we moved around our competitiors”, something that I a lot. East Anglia featured a lot in have carried with me throughout my Roger: When were you appointed my youth, especially towns such as career. to your current position? Felixstowe. I went to school in Ipswich and then on to the University of East Roger: Can you remember any Dominic: Well, actually quite Anglia in Norwich where I studied characters from your first job? recently. I was honoured to be history. asked to take up the role as Global Dominic: Yes, an amazing man Chairman of Aon Benfield. Prior to Roger: Where do you and your called “Jock”. I remember that he that I was Chief Executive Officer of family live, Dominic? was a former Black Watch Soldier Aon UK Ltd and Executive Chairman and spoke seven languages. He of Aon Benfield International since Dominic: I split my time between was very interested in helping me 2013. I sit on the Global Executive. London and Norfolk. My wife, Kate, understand the business; this gave is a Canadian and I’ve got two me a lot of encouragement. I owe a Roger: What have you found children. I still feel at home in East lot to Jock. most interesting about the London Anglia; that part of England has Market? always felt like home. Roger: Where did you spend the longest period of your career? Have Dominic: It’s a unique trading Roger: When did you join the you always been in Reinsurance? place, where there is still a need for industry? people to know each other before Dominic: Well, I’ve been with the you can trade with them. It’s a Dominic: 1984, a Lloyd’s Broker same firm, in a way, since 1989, Market like no other; one can bump called JK Buckenham, as an when I joined Grieg Fester. By 1995 I into someone in the street – one can International Facultative Broker. was appointed a Director and then learn something new, start a deal or I had no connection with the in 1997 the company became part discuss what you were up to at the insurance industry before that; in fact of the Benfield Group. I took up a weekend. Where else can anyone I was actually sweeping the roads at position on the Benfield Plc Board in do that? I think it’s great. It’s also a one point and never thought I’d end 2004. I’ve always been involved in Market at the forefront of current up in the City of London. Someone reinsurance; I’m so pleased that issues, responding to natural disasters mentioned it to me in a bar one was the case – it has been a very and emerging risks, such as cyber. night and it occurred to me that it interesting journey. The people have was such an “international” business made that journey so special for me. Roger: How do you think the sector, it might be worth exploring; London Market has changed over I’ve never looked back. Roger: Was there a big cultural the last 30 years? The positives and difference between Benfield and negatives. Things were very different in the Aon? office in those days, on many levels. Dominic: I think the Market has There were lots of grey haired Dominic: The merger happened in become more meritocratic, it’s gentlemen around and it was 2008 and it was a really interesting increasingly about one’s ability and time. The first thing I noticed was less about what school one went great far sighted guys such as to or who we know. One of my Greg Case. The merger brought main passions has been to make this Market far more diverse and inclusive. I’m pleased that we’ve made progress in this respect, but I’m also disappointed that it’s taking so long – we need to build a fair and open marketplace for all, reflective of the clients we have from around the globe.44

PEOPLEDuring my career, I’ve visited over 50 the insurance business. History has life; my hope is that we continue tocountries and this helped me see theworld in a different way – I’m really always been another fascination of attract outstanding people to thepassionate about the need for theindustry to embrace diversity and mine since a boy; I think architecture business and those of us in positionsinclusion and I’m keen to play mypart in making it happen. is incredible and I’m a member of of responsibility must work hard toRoger: How do you see the the Norfolk Churches Trust. I get a make it a fair and rewarding place.landscape of the London Market 10years from now? lot of personal satisfaction from my Thank you so much for the Award, itDominic: I would say that the roles with charities, such as Juvenile means a great deal to me.portfolio of clients and risks cominginto the Market will be somewhat Diabetes Research Foundation anddifferent; there’ll be more casualtybusiness. From a “people” the Lloyd’s Tercentenary Research Roger: Thank you, Dominic, forperspective, I’d like to think our Foundation. sparing the time to talk with MarketMarket will be a lot more diverse and People Magazine. We’ve reallyI’m certain that technology will playan increasing role in many aspects One thing not everybody knows is enjoyed talking with you. We inviteof London Market life. London is that I’m a Common Councillor for you to be a judge for the 2018a place that people genuinely the Lime Street Ward, representing Awards on 14th November.want to work; our attitude towardsclient service and our ability to find all the people in that part of the City, Dominic: It has been a pleasurecreative solutions, after over 300 so I have a responsibility for making Roger. Aon was proud to supportyears of trading, is a true example of our amazing business district of the Diversity & Inclusion Championwhat makes our Market so successful London a great place to work and Award at the ceremony lastand a great place to work. for some, live. December. Congratulations to ErikRoger: So when you are not Roger: Many congratulations Johnson on winning the award andworking, Dominic, what do you like Dominic on winning the Market also congratulations to you andto do? People Lifetime Achievement Award. the team at LMForums for putting What do you think when you heard on such a spectacular evening; it’sDominic: : I enjoy spending time the news? admirable that you are recognisingas I can with my family, of course. Ireally enjoy football and tennis. I also the real practitioner communitychair the Sainsbury Centre for VisualArts, which is so very different from Dominic: I was incredibly honoured within our marketplace, well done. to have been nominated by people across our Market, and then selected by the judges. When I look back on my career I can honestly marketsay that the people I’ve worked with and whom I work with today have made it the most enjoyable journey. Roger Oldham I would like to take this opportunity Editor to thank them all for their support. We work in the most incredible marketplace where opportunities exist for people from all walks of 45

thanks to our sponsors tHE 2ND lONDON 13TH dECEMBER 2017 Leonara Siccardi, COO of AON Benfield uk, arriving at the drinks reception JAson sahota, CEO of Charles taylor insuretech, enjoying a drink with market friends at the opening reception Caroline sheridan, managing director of sheridan resolutions, presenting THE HR & L&D award nick nesbitt, managing director, cch tagetik - uk & ireland, talking with guests at the awards Mark simpson, a winner at the awards, from armour risk management limited with justin emrich, cio at atrium46 underwriters ltd checking the seating plan for dinner

hansonleeguests at the gala dinner enjoying a sumptuous meal ofbalmoral estate venison, followed by orange & whiskey mousseBryn barlow, Kirstin duffield, ceo of morningpartner at isg, data ltd, drawing a winningpresenting the ticket in our charity prize drawoutstandingcontribution sebastian de zulueta, winnerto change & of the innovation championoperations to john of the year award, giving hismuir, managing acceptance speech. awarddirector at willis presented by claire koryczantowers watson of decoded Lee blasdale, ceo of hanson lee resourcing, receiving his prize in our grand charity draw 47

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LIFESTYLE market 49

For most City workers, the daily routine into the office involves a stressful commute on public transport, a string of back to back meetings, followed by a quick sandwich at lunchtime, if we’re lucky. For many, our busy schedule may be supplemented by a visit to the gym at some point during the day to help us “stay healthy”. However, is exercise in isolation as beneficial for our health as we think? Ann Lewis, co-founder of revolutionary healthcare company XenoVida and experienced biochemist explains….. As part of a healthy lifestyle it nutrition, exercise and lifestyle to personal information and tailored is important to stay active, advice over recent years, with a advice enables us to make the best and taking time out of your wealth of information and advice nutrition and lifestyle choices. Some busy schedule to exercise is certainly now available. An increased people may be able to get away worthwhile. Being physically fit has awareness of health issues has led with, for example, grabbing a quick many benefits including lowering to a desire to understand and to snack on the go, or coping with high your risk of developing age-related track our own health. Yet many levels of stress in the working day, but conditions such as coronary heart diets and exercise regimens still on a regular basis this may be having disease, hypertension, certain only work for some people and not a detrimental effect on their long- cancers, Type 2 diabetes and for others. This is because much of term health. osteoporosis. It also helps to reduce the advice uses population data susceptibility to infection, improves and is based on the “average” Also, well-being trends tend to mental wellbeing and can protect person rather than for a specific deal with just one aspect of health, against memory loss and depression. individual. We are all different; without viewing the individual in a However, exercise in isolation will not our biochemistry, environment and wider context. The contributions of reverse the effects of an unhealthy circumstances are totally unique to other lifestyle factors, such as stress, diet and providing your body with a us and affect our health in different poor sleep, smoking and pollution, quality, balanced diet is essential for ways. Consequently, there is a real should be considered alongside good health. need to understand how well our diet and activity levels. It is only There has been a revolution in own bodies are functioning. Access through a comprehensive review50